Case Law Details
Case Name : Arif Akhatar Hussain Vs. Income Tax officer and Jaffar Akhatar Hussain Vs Income Tax officer (ITAT Mumbai)
Appeal Number : ITA No. 541/Mum/2010, ITA No. 706/Mum/2010
Date of Judgement/Order : 22/12/2010
Related Assessment Year : 2006-07
Courts :
All ITAT ITAT Mumbai
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It was held that transfer of development rights does amount to transfer of land or building and therefore s. 50C is applicable is applicable because u/s 2(47)(v) the giving of possession in part performance of a contract as per s. 53A of the Transfer of property Act is deemed to be a “transfer”. When the assessee received the sale consideration and handed over possession of the property vide the development agreement, the condition prescribed in s. 53A of the Transfer of Property Act was satisfied and u/s 2 (47) (v) the transaction of transfer was complete
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